The drafting of a Will is one of the easiest things to put-off doing for any number of reasons, however, it is an extremely simple process that can save an immense amount of both time and money.
It is both sensible and prudent to make a Will and by making a Will you can ensure that your wishes with regards to providing for your family and friends are carried out upon your death.
If you do not make a Will the intestacy rules will dictate how your estate is distributed. These are rules based on blood relationships and obviously will not be adequate for everyone. Also, you cannot automatically assume that your spouse will inherit your entire estate.
DIY wills can also be problematic; they run the risk of being misinterpreted and not providing for many eventualities. This can lead to the possibility of the will being challenged or not being effective.
It is particularly important for unmarried partners to make wills as the law does not view unmarried partners as having the same rights as spouses and therefore your partner may be left with nothing. It is important to note that if unmarried partners make wills and then subsequently marry or enter into a civil partnership, their wills will usually be automatically revoked and therefore new wills would need to be made to deal with the estate.
If you have children or other dependants it is also crucial to make a will to give certainty as to the provisions for them. This can include the appointment of legal guardians as well as ensuring financial security for your dependants.
If you are thinking of making a Will it is essential that you take professional advice in order to ensure that your true intentions as to the distribution of your estate are achieved.
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